Enter Mia’s total profit/loss for the month of May account in the box below
Are you stuck on this EverFi answer? Let’s break this down for you to give you the correct answer AND show you how to work it out:
For the month of May we can see that Mia has Revenue, Fixed, Expenses and Variable Expenses like so:
Revenue
| Dog Food | $3,650 |
| Cat Food | $2,850 |
| Pet Treats | $1,650 |
| Pet Suppies | $1,800 |
| Total | $9,950 |
Fixed Expenses
| Rent | $2,000 |
| Salaries | $2,000 |
| Utilities | $1,000 |
| Product Stock | $4,000 |
| Total | $9,000 |
Variable Expenses
| Card Purchase | $300 |
| Total | $300 |
Okay, so the question here is asking us to “Calculate whether Mia had a profit or loss”.
The first thing you need to do is add up the expenses.
Total Expenses = Fixed Expenses + Variable Expenses
Total Expenses = $9,000 + $300 = $9,300
So now we know that total expenses is $9,300 and total revenue is $9,950.
All you have to do is deduct total expenses from total revenue:
Profit/Loss = $9,950 - $9,300 = $650
Mia’s total profit/loss for the month of May account is $650.
Hope that helps you!
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